Obama tackles stimulus, auto industry this week

Foreclosure problems also on his agenda
February 16, 2009 8:17:08 PM PST
Pres. Barack Obama travels to Denver Tuesday to sign his $787 billion stimulus bill.The first family left their Chicago home Monday morning after spending the weekend here.

The president's bill was passed by Congress last Friday, and he hopes the tax cuts and infusion of government money for jobs, schools and infrastructure projects will help jolt the country out of financial crisis.

Also Tuesday, General Motors and Chrysler are due to present their restructuring plans. They have to explain to Washington how they've spent more than $13 billion in taxpayer money so far, and why they need more money.

Chrysler confirmed it will ask for at least another $3 billion dollars, ABC News is reporting the administration is expected to release another $4 billion to GM.

Wednesday, President Obama heads to Phoenix, Arizona to announce his plan to revive the housing industry.

Details of the plan are still being worked out, but it's expected to include $50 billion to help homeowners who are in trouble reduce their mortgage payments and cut interest rates.

The plan may also give bankruptcy judges the power to alter mortgage terms.

Some people in Mesa, Arizona slept outside just for a chance at getting a ticket for the president's Wednesday event. Tickets were handed out starting at 10 a.m. Monday on a first come, first served basis.